July 22, 2024

TotalEnergies Marketing Nigeria Plc, a member of the TotalEnergies Group, and a player in the petroleum downstream sector has released its unaudited financial statements for 2023.

The company posted a pre-tax profit of N17.6 billion in FY 2023, which reflects a 28% decline from the N24.5 billion pre-tax profit posted in 2022.  

In 2023, the company recorded a revenue of N636.0 billion, representing a 32% growth from the N482.5 billion recorded in 2022.

However, there was a corresponding 31% growth in cost of sales to N554.1 billion in FY 2023 from N422.3 billion posted in FY 2022.  

The company’s revenue growth was linked to the growth in the sales of petroleum products off the back of the removal of subsidies on petroleum products.

The company recorded a 40% growth in petroleum products revenue to N509.3 billion from FY 2022’s N362.7 billion.  

The company recorded a 36% growth in gross profit to N81.8 billion in 2023, from the N60.2 billion posted in 2022.

However, there was a 14% decline in operating profit to N23.9 billion in the fiscal year, from the N27.7 billion posted in 2022.  

The decline in operating profit is linked to the net foreign exchange loss of N11.5 billion caused by the devaluation of the Naira in 2023.  

Key Highlights FY 2023 (FY 2022, % Change) 

  • Revenue: N636.0 billion (N482.5 billion, +32%) 
  • Cost of sales: N554.1 billion (N422.3 billion, +31%) 
  • Gross profit: N81.8 billion (N60.2 billion, +36%) 
  • Selling and distribution costs: N6.7 billion (N3.7 billion, +80%) 
  • Administrative expenses: N44.4 billion (N32.3 billion, +37%) 
  • Operating profit: N23.9 billion (N27.7 billion, +14%) 
  • Net finance costs: N6.3 billion (N3.1 billion, +101%) 
  • Profit before income taxation: N17.6 billion (N24.5 billion, -28%) 
  • Profit for the year: N12.9 billion (N16.1 billion, -20%) 
  • Earnings per share: N38.09 (N47.47, -20%) 
  • Cash and cash equivalents: N88.2 billion (N82.7 billion, +7%) 
  • Total assets: N493.6 billion (N307.8 billion, +60%) 

What you should know 

The company controls all the TotalEnergies service stations in Nigeria, they also serve as the distributor of Total Engine Oils.

The company generated a revenue of N126.6 billion from lubricants and its other services, representing a 6% growth from the N119.7 billion recorded from lubricant sales in 2022.  

Amidst the backdrop of Naira depreciation, the company experienced a notable loss of N47.45 billion attributed to trade and other payables.


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